Investment Zones government initiative could mean potential economic boost for Shoreham

Investment Zones initiative for East Street, Shoreham

Investment Zones scheme for economic growth

Shoreham could get an economic boost after being included in a bid to become a site of a new government Investment Zones initiative.

Investment zones are schemes that aim to attract investment, support growth and jobs, as well as unlocking development and economic activity thanks to a variety of tax breaks.

There will be a particular focus on Green Energy Production capability and cleaner alternatives to move away from fossil fuels to reduce emissions and improve air quality.

Should the application be successful then businesses in Shoreham could benefit from certain tax cut incentives including business rates, stamp land duty and employers to National Insurance contributions relief.

Adur District Council is working in partnership with West Sussex County Council and Shoreham Port towards the Investment Zone bid.

New opportunities for Shoreham

Cllr Steve Neocleous, Adur District Council’s Cabinet Member for Regeneration and Strategic Planning, said: “In these incredibly tough market conditions with the cost of living continuing to rise, we want to do everything possible to give the local economy a much-needed boost.

“We look forward to continuing to work closely with Shoreham Port to boost employment prospects for the long-term benefit of residents and businesses in Shoreham and the surrounding area.”

Tom Willis, CEO of Shoreham Port added: “We are very excited to have submitted our proposal for Shoreham Port to be part of the Investment Zone initiative. This will present a huge opportunity to attract new business and investment.”

Paul Marshall, Leader of West Sussex County Council said: “We welcome opportunities to boost the economy and businesses of Shoreham, and in turn, the wider West Sussex area.

“By submitting an Investment Zones bid, we hope Shoreham Port’s green energy ambitions are supported”.

Government’s mini-budget feature

Investment zones are one of the few remaining features of the Government’s mini-budget announced by Kwasi Kwarteng before he was sacked and replaced by Jermeny Hunt as Chancellor.

The deadline for submissions was Friday, October 14th and a decision on which bids are successful is expected on Wednesday, November 2nd.

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